Well I have had a Devon MFG razor albeit in better shape. odds are this razor will never be a beauty queen again it would require too much metal removal most likely. which is not to say that it could not be turned onto a good shaver only a good cleaning and skilled honing will reveal that.

Start simple with some metal polish like MAAS or Simichrome once it is clean and it will take a while, you can then decide where you to start sanding.

yes the scales are cow bone and they will clean with polish as well and it like Kees said is a full hollow.

enjoy,
jim